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Developer Azizi says to launch 50 new Dubai projects in 2017

Developer Azizi says to launch 50 new Dubai projects in 2017

CEO says new projects to be developed are currently in the land acquisition, permit application and design stages

Tuesday, 20 December 2016 2:55 PM

Azizi Developments CEO Farhad Azizi.

UAE-based Azizi Developments on Tuesday announced plans to launch 50 new developments in 2017, which will comprise residential, commercial and retail space.

The announcement demonstrates the confidence that the developer has in Dubai’s real estate market, said CEO Farhad Azizi in a statement.

The 50 new projects to be developed in various areas in Dubai are currently in the land acquisition, permit application and design stages.

He said the 2017 project plan is in line with the overall group strategy to invest in “solid markets which have proven depth and stability”.

Azizi added: “The rapid development of local infrastructure shows the full commitment of the Dubai government in its delivery of announced plans.

“The government systems are in place to encourage development from a micro perspective. When evaluated at the macro level, we are finding that currencies are in our favour; in addition, the new government changes in the United States and Europe are directing investments towards this region. This launch not only reflects our success but showcases Dubai’s booming real estate market,” he said.

The new projects announcement adds to the company’s portfolio, which includes 20 UAE-based projects valued at around AED 7.3 billion.

Azizi Developments currently has 15 projects in Al Furjan, two in the Palm and the first in Dubai Healthcare City. The company’s flagship project is Azizi Mina Hotel Apartments, which represents the city’s ambitious outlook and luxurious lifestyle.

Valued at AED 750 million, the 178-unit project is situated in a prime location on the ‘crescent’ part of the Palm Jumeirah.